The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-09-03
lit IS SOI.D!
THE BALTo..& OHIO II. R. co.
Disposed Of Through a Syndicate
Of London and American
( Bankers.
It will DO Operated Hereafter by
the Pennsylvania Company.
Telegraph, Sleeping Car and Ex-
press Interests also Closed Out.
An Entire Reorganization to DO
Effected at Once,
And President Garrett's Connec-
ton with the Road Severed.
Tho End Of the 3. & 0. Road rs
Grand Trunk Line.
Full Details of the Greatest Deal
I Of tho Century. 4

The price paid ia not yot given 10 tho
public. .is's3 4 - 3etIi-.
The mysterious movement in the stock
market during the pest week and the con.
tinued ruluors from all pourcss that come
ACKNOWLEDGEMENTS werc,hangipg over
the railroad and telegraph world were ex.
planned by facts which we're made public
lato this afternoon. Ai.sy breaking Of
his negotiations with Iyes S o., Dir. Gar
rett wont to London, where the negotis-
tons were continued with J. s. Morgan
and to.dey a deal was announced compar-
able in Importance with the Weos Shore
settlement with tho New York Central
and tho forming OF tho Reading syndicate
to reorganizs that company. Both Of
these deals were carried through by
Drexsl, Morgan & Co., but in tho latter
case Edward Lauts.bach was The mos.
prominent figure 40 mediator between the
Gowen and Drexsl intosess, and in the
agreement now made hs also takes .
prominent place. Tie contamination OF
the contract mna0 today wss held in
nbeyaucs until his opinion was obtained
on tho question OF whether the sterling
loan by1th Baltimore & Ohio Railroad
Company void tho telegraph sya.cm Of
the cunpauy. After Studying tho qnss.
tionin dll Ito aspects no decided that tho
telegraph lines were free J.
| 49, :, FROM ALL LIENS,
and on receiving this opinion the agree.
ment in the nature Of q preliminary con.
tract was executed to-day. Tho parties to
the contract are the Baltimore & Ohio
Railroad Company and o syndicate com.
posed oil ]. S. Morgan & Co., Barring Brcs.
& Co., Brown, shipley &: Co., o. London /;
Drexal, Morgan & Co., Kidder, Peabody
& Co., and Brown Bros. & Co., CT this
city, and Drexel & Co., Of Philadelphia.
The most important point in Tho contract
provides TINT the management Of tho com.
pany shall BIO placed in competent hands
satisfactory 10 the syndicste. Who the
men arc who will be satisfactory 10 the
syndicate cannot be ascertained, but A. J.
Cssastt, formerly ViGs President Of tho
Peaneylysnia railroad, is Generosity be-
iisTed to be booked 50 hir. Ga!retfs auc-
ceeaor. Satisfactory contracts Gre also to.
be msde with the Pennsylvania and Real
ing railroads on all business reyth Of Phil.
atelphia and With all the other trunk
lines entering New. York, By waioh all
antsgonism will be removed and insure
the
PERMANENT WORKING OF THE DALTlaoEE
& OHIO -.
in hsrmo1y with tho other trunk liaes.
In addition 10 these contracts tho lines in
process OF construction from Philadelphia
to New York will be suspended il the
construction just as they now stand, and
the work on Staten Island stopped. In
consideration Of these CONTRACTS being
aigned and with the control in their hands
the syndicats es.es to relieve tlis railsosd
| from It's present embarrassment by pro.
yiding $40 100000 with which to take up
| Tia floating deb.a. ThH will be- rspransnt-
ed BY SIS ,C0O00 in g. & o. consolidated
| fiyes and SIS 0G0 900 in stcCk. Tho floating
debt, IS IL glands, amounts to St, C0O, 900,
mostly in the shape 0! certificates OF in.
debtedness, scrip and notes. OF this
amount 81 900, 900 Is acid 10 have n1stared
in the lat inetEnt. Ono OF tho parties to
the uyndicate authorized tho following
statement as tho outcome OF the contract:
EVERYTHING DISPOSED CT.
"The poa;tion OF tho Baltimore { Ohio
Rsilroad IS IN Ishmaelito in tho railroad,
nleeping car, exprefs and telegraph bust
ncas is given up. All the on.Ride on.er-
prises will be sold to psrtles to whom
thay will be valuable. Tho Western
U,,ioa will control II 1t doea not buy, tho
tele 2ra oh lines; and tho Pullman faisco
Gar Con. 1any will take tho s!esping car
busine "a. The express business hos
al,eady eoso 70 the United ssstee Express
Company. Tho :NdGira Of the railroad will
be entirely reorganL.,d and placed upon q
sound financial basis. - FESSi
Hrexel, Morgan & O.. were in CORES.
pondencs all day with THAR honses In
London and Philadelphia, ord lsie in tho
evening confirmed statements that the
contrac.s and negotiations given Ghoye
had been just signed. Outside OF the iaets
given above they declined 10 speak. The
clause Of tho contract suspending all WORK
on the exteraion from Philadelphia to
New York Is believed to DO the key note
OF tho syndicate interest in the nsgos!a.
tons, and Is construed to moan that the
Baltimore & Ohio railroad when Invested
Of all extradition enterprises will be oper.